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How can consulting with a doctor help your business?

Traditionally, most doctors work in clinical settings and spend most of their time with the exam table instead of the conference table. However, some physicians have ventured outside of the clinical setting in advisory roles with small and large businesses. Companies are increasingly bringing physicians into their workflow and their voice has become instrumental in business decisions and analysis. Having experienced physician input can significantly mitigate investment risk. This is why physician advisors are often seen on the boards of almost all health-related startups. Some questions they help decipher include:

Is the new intervention is clinically significant?

Do the potential risks and side effects outweigh the benefits?

Will this new diagnostic tool actually change health outcomes?

Does the marginal benefit of the treatment justify its cost?

Are patients likely to commit to this specific regimen or will it be a waste of resources?

Does the science behind the idea hold merit?

If you are developing a new product, starting a healthcare-related business, having a physician advisor on your team is vital. If you would like to learn more on how physician consultants can help with product development and product market fit, feel free to contact me using the link below.

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